CleanSpark Reports Third Quarter Fiscal 2025 Results

$198.6M quarterly revenue, up 91% from prior year

Net income of $257.4 million, 90 cents basic EPS

12,703 bitcoin held in treasury and more than 1 GW of power under contract

CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America's Bitcoin Miner®, today reported financial results for the quarter ended June 30, 2025.

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“This was the most successful quarter in CleanSpark's history, and it reflects the strength of our strategy, the discipline of our execution, and the tireless commitment of our team,” said Zach Bradford, CEO of CleanSpark. “We reached 50 EH/s of operational hashrate in June, becoming the first public company to do so exclusively with American infrastructure, while achieving record basic EPS of $0.90 and nearly $200 million in revenue. We also grew our bitcoin treasury to over $1 billion in value, all without raising capital through equity offerings since November 2024. These results show we're not just scaling, we're doing so efficiently, responsibly, and profitably.”

Bradford continued “Having achieved 5.8% of global hashrate under management and over one gigawatt of power contracted, CleanSpark is proving that our vertically integrated model is built not just for growth, but for leadership. As the Bitcoin network evolves, our focus remains on expanding market share in bitcoin production, leveraging our unmatched operational playbook, and executing with the urgency and excellence that have brought us to this point. We believe the future of Bitcoin will be defined by those who build with purpose, and CleanSpark is setting the standard.”

“Fiscal Q3 was a pivotal quarter for CleanSpark, as we fully funded operational expenses through monthly bitcoin production while simultaneously expanding our bitcoin treasury,” said Gary A. Vecchiarelli, Chief Financial Officer of CleanSpark. “We also launched our Digital Asset Management team' derivatives strategy, which began producing promising early returns and validating our approach. As we look ahead, we remain committed to drive accretive growth through high-efficiency operations and a resilient, strategically positioned balance sheet.”

Financial Highlights: Third Quarter Fiscal Year 2025 Financial Results for the Three Months Ended June 30, 2025

— Quarterly revenues were $198.6 million, an increase of $94.5 million, or 90.8%, from $104.1 million for the same prior year period.

— Net income for the three months ended June 30, 2025, was $257.4 million or $0.90 per basic share, compared to net income of ($236.2) million or ($1.03) per basic share, for the same prior year period.

— Adjusted EBITDA(1) increased to $377.7 million from ($12.6) million from the same period a year ago.

Balance Sheet Highlights as of June 30, 2025

Assets

— Cash: $34.6 million

— Bitcoin: $1.08 billion

— Total Current Assets: $1.21 billion

— Total Mining Assets (including prepaid deposits & deployed miners): $985.9 million

— Total Assets: $3.1 billion

Liabilities and Stockholders' Equity

— Current Liabilities: $276.8 million

— Total long-term debt, net of debt discount & issuance costs: $643.9 million

— Total Liabilities: $954.9 million

— Total Stockholders' Equity: $2.14 billion

The Company had working capital of $933.3 million as of June 30, 2025.

1 See “Non-GAAP Measure” and the related reconciliation below

Investor Conference Call and Webcast The Company will hold its fiscal Q3 2025 earnings presentation and business update for investors and analysts today, August 7, 2025, at 4:30 p.m. ET / 1:30 p.m. PT.

Webcast URL: clsk.news/q3fy25webcast

The webcast will be accessible for at least 30 days on the Company's website and a transcript of the call will be available on the Company's website following the call.

About CleanSpark CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading, pure play bitcoin miner with a proven track record of success. We own and operate a portfolio of mining facilities across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our mining facilities to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by securing the most important finite, global asset – Bitcoin – positions us to prosper in an ever-changing world. Visit our website atwww.cleanspark.com.

Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's expectations, beliefs, plans, intentions, and strategies, including the benefits of the Company's treasury management activities. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: completion of construction, regulatory approvals, and electrical power availability to achieve anticipated growth; the success and performance of the digital asset management and derivatives trading activities, which were only recently commenced; the success of our digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate; increasing difficulty rates for bitcoin mining; bitcoin halving; new or additional governmental regulation; the impacts of evolving global and U.S. trade policies and tariff regimes, including that there is uncertainty as to whether the Company will face materially increased tariff liability in respect of miners purchased since 2024 and in the future; the anticipated import and delivery dates of new miners; the ability to successfully import and deploy new miners and other mining equipment; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in those filings. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.

Non-GAAP Measure The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“GAAP”). The Company's non-GAAP “Adjusted EBITDA” excludes (i) impacts of interest, taxes, and depreciation; (ii) the Company's share-based compensation expense, unrealized gains/losses on securities, and, changes in the fair value of contingent consideration with respect to previously completed acquisitions, all of which are non-cash items that the Company believes are not reflective of the Company's general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets (including goodwill); (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of the Company's ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed; (vii) gains and losses related to discontinued operations that would not be applicable to the Company's future business activities; and (viii) severance expenses. The Company previously excluded non-cash impairment losses related to digital assets and realized gains and losses on sales of bitcoin from its calculation of adjusted EBITDA, but has determined such items are part of the Company's normal ongoing operations and will no longer be excluding them from its calculation of adjusted EBITDA.

Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company's performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company's bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company's bitcoin related revenue.

The Company's adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in the Company's industry may calculate non-GAAP financial results differently. The Company's adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.

Accordingly, adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company's consolidated financial statements, which have been prepared in accordance with GAAP.

CLEANSPARK, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except par value and share amounts) June30, September30, 2025 2024 (Unaudited)ASSETSCurrent assetsCash and cash equivalents $ 34,553 $ 121,222Restricted cash 3,462 3,056Prepaid expense and other current assets 11,319 7,995Bitcoin – current 877,067 431,661Receivable from bitcoin collateral 271,491 77,827Note receivable from GRIID (see Note 5) – 60,919Derivative investments 7,843 1,832Investment in debt security, AFS, at fair value 4,405 918Total current assets $ 1,210,140 $ 705,430Bitcoin – noncurrent $ 202,687 $ -Property and equipment, net 1,329,307 869,693Operating lease right of use assets 4,702 3,263Intangible assets, net 6,955 3,040Deposits on miners and mining equipment 196,151 359,862Other long-term assets 23,065 13,331Goodwill 128,810 8,043Total assets $ 3,101,817 $ 1,962,662LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilitiesAccounts payable $ 23,470 $ 82,992Accrued liabilities 64,492 43,874Other current liabilities 6,830 2,240Current portion of loans payable 176,424 58,781Dividends payable 5,603 -Total current liabilities $ 276,819 $ 187,887Long-term liabilitiesLoans payable, net of current portion, debt discount and debt issuance costs 643,913 7,176Deferred income taxes 30,774 5,761Other long-term liabilities 3,423 997Total liabilities $ 954,929 $ 201,821CLEANSPARK, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)(in thousands, except par value and share amounts) June30, September30, 2025 2024 (Unaudited)Stockholders' equityPreferred stock; $0.001 par value; 10,000,000 shares authorized; 2 3Series A shares; 2,000,000 authorized; 1,750,000 issued and outstanding(liquidation preference $0.02per share)Series X shares; 0and 1,000,000authorized, issued and outstanding,respectivelyCommon stock; $0.001 par value; 600,000,000 and 300,000,000 shares 293 271authorized; 292,823,486 and 270,897,784 shares issued; 281,063,551 and270,897,784 shares outstanding, respectivelyAdditional paid-in capital 2,412,993 2,239,367Accumulated other comprehensive income 3,173 418Accumulated deficit (124,573) (479,218)Treasury stock at cost; 11,759,935and 0 shares held, respectively (145,000) -Total stockholders' equity 2,146,888 1,760,841Total liabilities and stockholders' equity $ 3,101,817 $ 1,962,662CLEANSPARK, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(Unaudited, in thousands, except per share and share amounts) For the three months ended For the nine months ended June30, June30, June30, June30, 2025 2024 2025 2024Revenues, netBitcoin mining revenue, net $ 198,644 $ 104,108 $ 542,662 $ 289,693Costs and expensesCost of revenues (exclusive of depreciation and 90,128 45,180 245,842 108,374amortization shown below)Professional fees 3,004 4,368 9,872 8,149Payroll expenses 16,398 17,150 52,522 49,291General and administrative expenses 16,566 8,235 38,356 20,058Loss (gain) on disposal of assets 156 (47) (2,865) 2,281(Gain) loss on fair value of bitcoin, net (see Note 2 (268,651) 48,338 (359,190) (107,406)and Note 4)Impairment expense – fixed assets – 189,235 – 189,235Impairment expense – other – – – 396Depreciation and amortization 94,880 40,727 240,010 102,761Total costs and expenses $ (47,519) $ 353,186 $ 224,547 $ 373,139Income (loss) from operations 246,163 (249,078) 318,115 (83,446)Other income (expense)Gain on bitcoin collateral 31,354 – 73,847 -(Loss) gain on derivative securities (430) 1,188 (1,549) (1,005)Interest income 355 2,638 3,845 5,909Interest expense (3,454) (485) (6,280) (1,557)Other income 1,509 – 1,692 -Total other income $ 29,334 $ 3,341 $ 71,555 $ 3,347Income (loss) before income tax expense (benefit) 275,497 (245,737) 389,670 (80,099)Income tax expense (benefit) 18,107 (9,495) 24,281 3,499Net income (loss) $ 257,390 $ (236,242) $ 365,389 $ (83,598)Preferred stock dividends 5,603 – 10,744 3,421Net income (loss) attributable to common $ 251,787 $ (236,242) $ 354,645 $ (87,019)shareholdersOther comprehensive (loss) income, net of tax (223) 28 2,755 86Total comprehensive income (loss) attributable to $ 251,564 $ (236,214) $ 357,400 $ (86,933)common shareholdersCLEANSPARK, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(Continued)(Unaudited, in thousands, except per share and share amounts) For the three months ended For the nine months ended June30, June30, June30, June30, 2025 2024 2025 2024Income (loss) from continuing operations per $ 0.90 $ (1.03) $ 1.26 $ (0.42)common share – basicWeighted average common shares outstanding 280,997,649 228,642,939 282,147,349 205,482,062- basicIncome (loss) from continuing operations per $ 0.78 $ (1.03) $ 1.13 $ (0.42)common share – dilutedWeighted average common shares outstanding 325,594,451 228,642,939 314,152,325 205,482,062- dilutedCLEANSPARK, INC.RECONCILIATION OF ADJUSTED EBITDA(Unaudited, in thousands)($ in thousands) For the Three Months Ended June30,Reconciliation of non-GAAP Adjusted EBITDA 2025 2024Net income (loss) $ 257,390 $ (236,242)Impairment expense – fixed assets – 189,235Depreciation and amortization 94,880 40,727Share-based compensation expense 4,488 2,946Loss (gain) on derivative securities 430 (1,188)Interest income (355) (2,638)Interest expense 3,454 485Other income (1,509) -Loss (gain) on disposal of assets 156 (47)Income tax expense (benefit) 18,107 (9,495)Fees related to financing & business development 22 2,862transactionsLitigation & settlement related expenses 638 686Non-GAAP Adjusted EBITDA* $ 377,701 $ (12,669) Three months ended March 31, 2025Revenues, netDigital currency mining revenue, net $ 181,712Total revenues, net $ 181,712Net income $ (138,792)Adjustments:Depreciation and amortization 78,901Share-based compensation expense 3,101Unrealized loss on derivative security 4,741Interest income (2,014)Interest expense 1,267Other income (183)(Gain) on disposal of assets (2,230)Income tax expense (3,043)Fees related to financing & business development transactions 258Litigation & settlement related expenses 193Severance and other expenses 12Total Adjusted EBITDA $ (57,789)* We have not excluded our net gain on fair value ofbitcoin of $268,651 and net loss of $48,338 in the three months ended June30, 2025 and 2024, respectively, which we now record in our condensed consolidated statement of operations and comprehensiveincome as provided in ASC 350-60, as discussed in the Form 10-K.

Investor Relations ContactHarry Sudock702-989-7693ir@cleanspark.com

Media ContactEleni Stylianou702-989-7694pr@cleanspark.com

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SOURCE CleanSpark, Inc.

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